Bidding asymmetries in multi-unit auctions: Implications of bid function equilibria in the British spot market for electricity

This paper introduces and tests Bid Function Equilibria (BFE) in the British spot market for electricity. BFE extend von der Fehr and Harbord's (1993) multi-unit auction model of wholesale electricity markets by allowing firms to have heterogeneous costs for different generating units. Pure-strategy equilibria in BFE predict asymmetric bidding by producers: a single firm (the “price-setter") bids strategically while other firms (“non-price-setters") bid their costs. We test for asymmetries in firms' bid functions in the British spot market between 1993 and 1995 and find strong empirical support for the theory. We conclude that BFE have important implications for the design and governance of electricity markets.     

Signaling,Financial Slack and Corporate Acquisitions

This paper shows that under certain conditions a firm's decision concerning the optimal medium of exchange to use in acquiring another firm is related to the decision of which source of capital should be used to finance long-term projects. An example of this type of interaction occurs when the firm's only source of financing a positive net present value project is an equity issue. In a Myers and Majluf (1984) world of asymmetric information the value maximizing strategy for the firm is to forego the public equity offering and instead use a stock offer to acquire a firm possessing financial slack. The process is modeled using an extension of the Myers and Majluf (1984) model and demonstrates how the acquisition alternative allows managers to separate the signals regarding the investment and financing decisions. Including net pension assets into our measure of financial slack, we provide empirical supports for the ability of the extended model to explain observed merger activity.     

Bank lending margins in the euro area: Funding conditions,fragmentation and ECB's policies

In this paper we study the determinants of lending margins paid by euro‐area corporates for their bank loans. Across two separate groups of countries (distressed and non‐distressed) we examine whether lending margins have been affected by structural changes in the banking sector, the credit and liquidity position of banks and the costs of funding in the corporate and sovereign bond markets. The role of ECB policies with respect to narrowing down the fragmentation in the bank lending channel is also investigated through a structural panel VAR model for the period 2003:1 to 2014:12.     

Barriers to Social Enterprise Growth

This study investigates barriers to social enterprise growth. The research employs qualitative case study data gathered from young social enterprises to examine the interplay between social enterprise and individual, organizational and institutional barriers to growth. We find that social enterprise barriers to growth are based on values differences, business models, and institutional norms. We theorize three strategic responses to overcome barriers to growth: values‐based decision‐making, leveraging social mission, and anchoring.     

TRADE NEGOTIATIONS, INFORMATION AND DOMESTIC POLITICS: THE ROLE OF DOMESTIC GROUPS

A domestic ratification game nested within an international bargaining game establishes that domestic politics influences the outcome of international negotiations. When information on the domestic side is incomplete, an informational role of lobbies is established. Cooperation is more likely when domestic lobbies provide information to Congress about a treaty presented for ratification, especially when cooperation would not otherwise occur. As government becomes more divided, cooperation is less likely; when it does occur, the legislature is better off – internal divisions worsen the external leverage of states, while a united home front is the executive's best chance for obtaining her ideal agreement.     

置地澳洲4步走

有关资料表明,澳洲有69%的居民拥有自住房,其余31%在租住或正在寻找合适的房产购买.可以预期,房屋买卖租赁的需求会持续增长,这是悉尼地产物业格外受投资者和物业发展商偏爱的原因之一.此外,澳洲地产市场之所以能吸引大量投资者,还因为其长期、持续、稳健的增值记录.据统计,1965年至今的40年间,澳洲楼市收益大致每7年翻一番.     

Stock price response to new‐CEO earnings news

New‐CEO earnings news exhibits asymmetric effects on stock prices. Stock prices rise more on good earnings news announced by firms with new CEOs compared with those with established CEOs. By contrast, stock prices tend to fall by a smaller amount on bad earnings news for new CEOs. Both the new‐CEO quality effect and the new‐CEO honeymoon effect are more pronounced for CEOs appointed during challenging situations. The new‐CEO quality effect is stronger for firms followed by fewer analysts, while the honeymoon effect is stronger for firms followed by more analysts – illustrating the importance of a transparent information environment.     

Generic skills in accounting: perspectives of Chinese postgraduate students

This study examines Chinese accounting students’ perceptions of skills required for a professional accounting position in Australia and of the emphasis placed on skills during their postgraduate Master of Professional Accounting (MPA) course. The study is motivated by concerns about international students’ inadequate generic skills and their difficulty in securing professional employment. We find that Chinese students perceive ‘communication skills’ to be the most important for their professional employment in Australia, but at the same time they tend to overemphasise technical skills and underemphasise other desirable generic skills.     

Uncertainty during tender offers and the measurement of shareholder wealth effects

Uncertainty concerning the ultimate outcome of tender offers may affect the measurement of changes in shareholder wealth. The uncertainty regarding the outcome of tender offers is measured by estimating the probability of acceptance of tender offers during the period when the tender offers are outstanding. The estimated probability of acceptance of tender offers implies that the amount of uncertainty prior to knowledge of the ultimate outcome is substantial and affects the measurement of expected equity gains. The uncertainty-adjusted measure of the change in shareholder wealth indicates that previous studies may have underestimated the gains expected to result from tender offers.